News

Historic Mackay region hotel goes on the market

FOR SALE: The Tandara Hotel Motel is one the market. It is one of the last two standing venues owned by the Queensland Town and Country Pub Club.
FOR SALE: The Tandara Hotel Motel is one the market. It is one of the last two standing venues owned by the Queensland Town and Country Pub Club. Contributed

SARINA's Tandara Hotel is one of two remaining pubs listed for sale after being divested by the Queensland Town and Country Pubs group this week.

The venue, which features 15 motel-style accommodation rooms, 31 electronic gaming machines, an on-site bottle shop and detached bottle shop, will be sold by agents from CBRE Brisbane, who said it would likely sell for a fraction of its worth at the peak of the market.

The property is the only remaining pub in the district left within the Town and Country Club portfolio, and a natural progression for the group, which have been divesting its assets over the past 12 months.

CBRE Queensland associate director Glenn Price said the property has already attracted plenty of early enquiries and would likely attract a broad range of investors including hoteliers from Queensland and interstate.

"For the vendor, the timing is right to exit these assets, providing an incoming operator considerable upside across the business plus an exciting exit opportunity as the regions begin to rebuild,” Mr Price said.

"It is no secret the area has been heavily hit by the cooling of the sector. This means the hotel is likely to sell for only a fraction of what it was worth at the peak of the market, giving purchasers a potential uplift in the future as the sector returns.”

According to CBRE Queensland director Paul Fraser, the sale represents an attractive investment opportunity for parties looking at either a joint or individual acquisition.

"The standout element of the Tandara Hotel has been its ability to achieve strong and consistent financial results amidst turbulent economic conditions,” Mr Fraser said.

"This is a very real and tangible differentiator that prospective operators will value.

"The owners are prepared to meet the market on price and are asking purchasers to attribute a value to the improvements on the land and opportunity costs.”

Tandara Hotel venue manager Brad Bettines said it was business as usual for the hotel's 30 staff, who hope the change won't affect their jobs.

"We're just poweing on doing what we do best,” Mr Bettines said.

"We've been trading reasonably well in all departments considering the current economic climate.

"As for staff and jobs, no one really knows, that will depend on what kind of owner or operator comes on board.”

The property is located on a 5100sqm corner site at Broad St and Central St. Offers will be taken until April 12.

Topics:  business cbre cbre brisbane cbre queensland gaming machines hotel sarina tandara hotel town and country pub club

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Cows cause chaos on the Bruce

Cows on the loose caused numerous accidents last night.

Cows cause chaos on the Bruce.

Dry weather welcomed by cane industry

Sugar content continues to rise at the Proserpine mill.

Dry weather welcomed by cane industry.

Dropping sugar prices add to Debbie's woes

Gregory River cane grower Lindsay Altmann is beginning Spring planting.

Dropping sugar prices add to Debbie's woes.

Local Partners

Fancy a head full of Coldplay on Samsung VR?

Coldplay fans will be able to enjoy the supergroup's A Head Full of Dreams Tour live in virtual reality from Chicago’s Soldier Field on Friday.

CMC ROCKS: Organisers reveal 2018 festival dates

CMC Rocks will return to Willowbank in March, 2018.

Country music fans mark these dates in your calendar

MOVIE REVIEW: Cinderella story classic comedy of errors

Toni Collette in a scene from the movie Madame.

EVERY time Toni Collette does comedy, a fairy takes flight.

Nikki responds to rumours she’s now dating Richie

Nikki Gogan, Richie Strahan and Alex Nation on The Bachelor.

Bachelor runner-up has responded to rumours she’s now dating Richie.

The Dark Tower review round-up

Idris Elba and Tom Taylor in a scene from the movie The Dark Tower.

Stephen King adaptation disappoints both newbies and fans.

WATCH: Johann Ofner's run on Australia’s Ninja Warrior

Johann Ofner on Ninja Warrior

Ofner’s girlfriend, model Kati Garnett, shared a montage of series

‘Lose 10 kilos in two weeks’

Be Fit Food founders Kate Save and Dr Geoff Draper.

A WEIGHT loss meal plan sparked a bidding war on Shark Tank.

Developer tears up couple's contract for new home

Jade and Edward Roberts were stung by the sunset clause on the first day of their honeymoon.

The developer has the right to do this under the sunset clause

Reports of Ibrahim family connections to farm and food hub

John Ibrahimat Bluesfest 2012.

REPORTS circulate colourful Sydney family have investments on the NR

Stunning, heritage-listed Coast home going under the hammer

STUNNING: Buderim House, a stunning heritage-listed Queenslander estate, is going to auction.

Coast home that played host to royalty is set for auction

Internet king Kim Dotcom house-hunting

Kim Dotcom and his partner Elizabeth Donnelly have apparently been in Queenstown scoping out houses. Photo / Kim Dotcom

Dotcom tweeted pictures and video of himself and partner Elizabeth Donnelly

First home deposits hits $200k for some

Call for Reserve Bank limits to be scrapped for new buyers

Ready to SELL your property?

Post Your Ad Here!